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Edited version of private advice
Authorisation Number: 1051981550308
Date of advice: 11 May 2022
Ruling
Subject: Small business CGT replacement asset - extension of time
Question
Will the Commissioner exercise discretion under subsection 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the small business capital gains tax (CGT) replacement asset period to 7 January 2023?
Answer
Yes, having considered your circumstances and the relevant factors, the Commissioner will use discretion to grant you further time to extend the replacement asset period pursuant to subsection 104-190(2) of the Income Tax Assessment Act 1997 in respect of the small business CGT replacement asset rollover relief.
This ruling applies for the following period:
Year ending 30 June 20AA
The scheme commences on:
7 April 20XX
Relevant facts and circumstances
You had a capital gains tax event in the 20AA income year.
The CGT event resulted in a capital gain to which you applied the roll over concession under small business roll-over, subdivision 152E of the Income Tax Assessment Act 1997.
Your two year period to acquire a replacement asset ceases on X Axxx 20AA.
Due to the COVID19 pandemic, you were unable to meet with prospective partners to present business proposals and complete negotiations.
Relevant legislative provisions
Income Tax Assessment Act 1997 Section 104-190
Income Tax Assessment Act 1997 Section 152-10